Housing affordability has been an issue for a long time.
It’s just that some of the areas that are unaffordable now were affordable before.
Experts are now saying prospective property owners should look outside their suburbs and invest in other locations. But they don’t have to physically move into their investment property.
“You live and rent where the jobs are and you buy where you can afford but also where it has some fundamentals,” says Mark Bouris from Yellow Brick Road.
“It shouldn’t just be because you can afford it, there’s also fundamentals such as there’s infrastructure there, a hospital, a university, jobs and there’s population growth in that area.”
Bouris has been a long-time proponent of regional locations with solid fundamentals that can provide investment opportunities as well as cash flow potential.
That way a new investor can afford to hold their property until it has achieved upside growth and they decide to either sell down or borrow against it to build a portfolio.
It’s now harder to borrow
Homebuyers and investors now have more access to research and data these days. But we are also operating in a more complex environment that requires professional guidance.
Borrowing money is complex today compared to what it was two years ago or even a year ago. It’s quite complicated. Make sure you’ve got someone who can direct you because it’s very complex out there. It’s not as easy as it was.
At Craig Tracey Lending we help you every step of the way: Contact us now